Credit score impact on savings: The best mortgage rates are only available to people with FICO scores of 700 or better. Higher credit scores mean lower mortgage rates and fewer points. One point is one percent of your refinance loan amount. Borrowers with credit problems are perceived as a higher risk to lenders and are required to pay more for home loans.

Mortgage brokers work with multiple lenders and can obtain refinancing quotes for you. They can also help with determining the best type of refinancing based on your financial circumstances and needs.

Although most borrowers refinance strictly for lowering their mortgage rates, it may be possible to get additional cash for debt consolidation or making home improvements.

Don't be afraid to negotiate home loan terms including mortgage rates and lender fees. Third party vendor fees like title insurance may also be negotiable.

Ask questions and pay attention to your instincts to avoid problems and misunderstandings. Don't be pressured into accepting a home loan without comparing rates and loan terms elsewhere. Refinancing your mortgage is a major financial decision and it's important to be comfortable with all aspects the transaction.